Cryptocurrency exchange Trade.io told Finance Magnates on Monday that it has partnered with payments provider Simplex. Trade.io says the partnership will make it a "one-stop-shop" for buying and trading cryptocurrency.
According to the exchange operator, the partnership will allow cryptocurrency traders who use Trade.io's services to buy an array of Cryptocurrencies with either a credit or debit card.
Currently, traders can buy Bitcoin, Ethereum, Litecoin, and Bitcoin Cash with US dollars or euros. Trade.io told Finance Magnates that users would be able to access more fiat currencies and cryptocurrencies in the near future.
The exchange hopes that the move will streamline the cryptocurrency purchasing process for existing clients and encourage new traders to join the exchange.
Streamlined process
Prior to the partnership, traders using Trade.io's exchange had to make their purchases in another cryptocurrency. That was, as our readers can likely imagine, a more time-consuming process than simply using a credit or debit card to buy cryptocurrencies.
"It’s no secret that newcomers to crypto are hindered by complicated onboarding processes," said Trade.io CEO William Heyn. "We endeavour to reduce barriers and responsibly provide access to the crypto world."
Unlike most Payments providers, Simplex was developed specifically for the cryptocurrency world. Since its founding, the company has also focused on preventing fraud - something that's important in the often wild-west world of cryptocurrency trading.
For instance, the company says that it can prevent 100 percent of credit card fraud and, if a user performs a chargeback on a customer, Simplex will pay the client.
“Since foundation, Simplex has worked with leading exchanges to make mainstream entry to the crypto world simpler," ” said Nimrod Lehavi, CEO and Co-Founder of Simplex. "Our fraud-free payment processing solution provides crypto merchants with a risk-free way to accept credit and debit cards, making the payment process seamless and familiar for mainstream."
